NorthRock Partners LLC Sells 1,012 Shares of Shopify Inc. $SHOP

NorthRock Partners LLC cut its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 14.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,981 shares of the software maker’s stock after selling 1,012 shares during the period. NorthRock Partners LLC’s holdings in Shopify were worth $690,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Family Legacy Financial Solutions LLC bought a new position in shares of Shopify in the second quarter worth about $25,000. Coastline Trust Co bought a new position in shares of Shopify in the second quarter worth about $29,000. Smithfield Trust Co lifted its stake in Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after acquiring an additional 188 shares during the period. Dagco Inc. purchased a new stake in Shopify in the first quarter worth about $30,000. Finally, Global Wealth Strategies & Associates lifted its stake in Shopify by 182.8% in the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker’s stock worth $30,000 after acquiring an additional 170 shares during the period. 69.27% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Robert W. Baird upped their price objective on shares of Shopify from $160.00 to $170.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 7th. National Bankshares upped their price objective on shares of Shopify from $140.00 to $180.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. The Goldman Sachs Group upped their price objective on shares of Shopify from $120.00 to $176.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Oppenheimer reaffirmed an “outperform” rating and issued a $149.00 price objective on shares of Shopify in a research note on Tuesday, September 30th. Finally, BMO Capital Markets upped their price objective on shares of Shopify from $120.00 to $180.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Shopify currently has an average rating of “Hold” and a consensus price target of $151.95.

Shopify Stock Performance

SHOP stock opened at $152.88 on Wednesday. The firm has a market cap of $198.69 billion, a price-to-earnings ratio of 85.41, a PEG ratio of 7.19 and a beta of 2.72. The firm has a 50-day simple moving average of $147.70 and a two-hundred day simple moving average of $119.91. Shopify Inc. has a one year low of $69.84 and a one year high of $169.69.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company’s quarterly revenue was up 31.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.26 earnings per share. As a group, equities analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.